Property Name

Big Lots & Urban Air Adventure Park

GLA 59,297 SF

Percent Leased 100% Leased

Property Description

Big Lots & Urban Air Adventure Park is a 100% leased, 59,297 SF two-tenant retail asset located in the extremely dense and high growth DFW submarket of Mansfield, Texas. Positioned on approximately 5.80 acres of land at the southwest quadrant of US Highway 287 and Walnut Creek Drive, the property is only 20 minutes from Downtown Fort Worth, 30 minutes from DFW Airport and 40 minutes from Downtown Dallas.  Big Lots & Urban Air Adventure Park boasts average rents of just $8.03 PSF NNN, offering significant upside potential in future rent growth. Nearby junior box rents in Mansfield average in the mid-teens to low $20’s PSF NNN. Big Lots (NYSE: BIG) has been a tenant at the property since 2009 and has more than 1,300 stores in 48 states, with 2023 reported total revenue exceeding $4.83 billion. Urban Air Adventure Park, the nation’s largest and fastest growing chain of family-oriented indoor theme parks, has been a tenant since 2014 and has over 350 locations open or in development throughout the United States. Urban Air Adventure Park was awarded by Entrepreneur in the Franchise 500 rankings for the sixth consecutive year and holds a #1 ranking in the recreation/ entertainment center category for 2024. Both tenants recently extended their lease term taking the average lease term expiration at the Property to October 2030.  Big Lots & Urban Air Adventure Park benefits from two pylon signs located on US Highway 287 Frontage and Walnut Creek Drive. Urban Air Adventure Park is undergoing a remodel project at this location and will encompass a new store front façade. Priced well below replacement cost at $120.15 PSF to the building, the property represents a stabilized retail asset with a compelling tenant mix at an attractive price per square foot and upside potential in future rent growth.